LPL Financial LLC Purchases 12,253 Shares of Avidity Biosciences, Inc. (NASDAQ:RNA)

LPL Financial LLC grew its holdings in shares of Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 273.9% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 16,726 shares of the biotechnology company's stock after acquiring an additional 12,253 shares during the quarter. LPL Financial LLC's holdings in Avidity Biosciences were worth $486,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the business. Charles Schwab Investment Management Inc. lifted its stake in shares of Avidity Biosciences by 3.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,028,931 shares of the biotechnology company's stock valued at $29,921,000 after acquiring an additional 38,749 shares during the last quarter. Lord Abbett & CO. LLC lifted its stake in shares of Avidity Biosciences by 30.1% in the 3rd quarter. Lord Abbett & CO. LLC now owns 539,207 shares of the biotechnology company's stock valued at $24,766,000 after acquiring an additional 124,867 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in shares of Avidity Biosciences by 19.5% in the 4th quarter. Bank of New York Mellon Corp now owns 363,017 shares of the biotechnology company's stock valued at $10,557,000 after acquiring an additional 59,295 shares during the last quarter. Candriam S.C.A. lifted its stake in shares of Avidity Biosciences by 11.5% in the 4th quarter. Candriam S.C.A. now owns 360,710 shares of the biotechnology company's stock valued at $10,489,000 after acquiring an additional 37,314 shares during the last quarter. Finally, Barclays PLC lifted its stake in shares of Avidity Biosciences by 68.5% in the 3rd quarter. Barclays PLC now owns 255,699 shares of the biotechnology company's stock valued at $11,743,000 after acquiring an additional 103,905 shares during the last quarter.

Avidity Biosciences Stock Performance

Shares of Avidity Biosciences stock traded up $0.36 during midday trading on Monday, hitting $31.20. The company had a trading volume of 703,339 shares, compared to its average volume of 1,409,339. The stock has a market capitalization of $3.75 billion, a P/E ratio of -10.83 and a beta of 1.01. The company has a 50 day moving average of $29.27 and a 200 day moving average of $34.41. Avidity Biosciences, Inc. has a 52-week low of $21.51 and a 52-week high of $56.00.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last posted its quarterly earnings results on Thursday, February 27th. The biotechnology company reported ($0.80) earnings per share for the quarter, missing the consensus estimate of ($0.76) by ($0.04). The company had revenue of $2.97 million during the quarter, compared to analysts' expectations of $1.74 million. Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. Equities research analysts forecast that Avidity Biosciences, Inc. will post -2.89 EPS for the current year.

Insider Buying and Selling

In other Avidity Biosciences news, insider Steven George Hughes sold 9,578 shares of the stock in a transaction on Thursday, March 20th. The stock was sold at an average price of $31.06, for a total transaction of $297,492.68. Following the sale, the insider now directly owns 72,850 shares in the company, valued at approximately $2,262,721. This trade represents a 11.62 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Kathleen P. Gallagher sold 5,875 shares of the stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $32.16, for a total value of $188,940.00. Following the sale, the insider now owns 50,554 shares in the company, valued at approximately $1,625,816.64. This represents a 10.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 60,803 shares of company stock worth $1,876,027 in the last 90 days. Insiders own 3.68% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on RNA shares. Needham & Company LLC reissued a "buy" rating and issued a $60.00 target price on shares of Avidity Biosciences in a research note on Wednesday, April 9th. Chardan Capital reaffirmed a "buy" rating and set a $65.00 price target on shares of Avidity Biosciences in a research report on Monday, March 17th. Barclays lowered their price target on Avidity Biosciences from $63.00 to $57.00 and set an "overweight" rating for the company in a research report on Friday, February 28th. Royal Bank of Canada reaffirmed an "outperform" rating and set a $67.00 price target on shares of Avidity Biosciences in a research report on Tuesday, January 21st. Finally, HC Wainwright reaffirmed a "buy" rating and set a $72.00 price target on shares of Avidity Biosciences in a research report on Monday, March 17th. Thirteen research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus target price of $66.69.

Avidity Biosciences Profile

Avidity Biosciences, Inc, a biopharmaceutical company, engages in the delivery of RNA therapeutics. It develops antibody oligonucleotide conjugates (AOC) that are designed to treat diseases previously untreatable with RNA therapeutics. The company's lead product candidate AOC 1001 for the treatment of myotonic dystrophy type 1, a rare monogenic muscle disease that is in phase 1/2 clinical trial.